Use the following information for questions.
Equipment that cost $81,000 and has accumulated depreciation of $30,000 is exchanged for equipment with a fair value of $48,000 and $12,000 cash is received.The exchange has commercial substance.
-The new equipment should be recorded at
A) $28,800.
B) $51,000.
C) $30,000.
D) $48,000.
Correct Answer:
Verified
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